Kapishvar Silicates Pvt. Ltd. filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against VXL Instruments Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on a default in payment of a financial debt of Rs. 1,48,07,666/-, which occurred on 16.07.2024. Kapishvar Silicates and VXL Instruments had entered into an Inter-Corporate Deposit Agreement on 03 April 2024, where Kapishvar Silicates agreed to provide an inter-corporate deposit of Rs. 1,50,00,000/- to VXL Instruments at an interest rate of 15% per annum. VXL Instruments experienced financial difficulties and was unable to repay the outstanding amount, including interest. Kapishvar Silicates issued a notice on 28 May 2024, recalling the
…Kapishvar Silicates Pvt. Ltd. (Financial Creditor) and VXL Instruments Ltd. (Corporate Debtor) entered into an Inter-Corporate Deposit Agreement dated 03 April 2024, where Kapishvar Silicates agreed to provide an inter-corporate deposit of Rs. 1,50,00,000/- to VXL Instruments at an interest rate of 15% per annum compounded monthly. The agreement stipulated that interest payments were to commence from 30 April 2024. Kapishvar Silicates disbursed Rs. 1,45,00,000/- to VXL Instruments. VXL Instruments defaulted on the interest payment due on 05 May 2024, amounting to Rs. 1,72,131/- for the month of April 2024. Kapishvar Silicates sent a letter dated 28 May 2024, recalling the interest due. VXL Instruments acknowledged the debt in a reply dated 05 June 2024, citing
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Kapishvar Silicates Pvt. Ltd. filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against VXL Instruments Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on a default in payment of a financial debt of Rs. 1,48,07,666/-, which occurred on 16.07.2024. Kapishvar Silicates and VXL Instruments had entered into an Inter-Corporate Deposit Agreement on 03 April 2024, where Kapishvar Silicates agreed to provide an inter-corporate deposit of Rs. 1,50,00,000/- to VXL Instruments at an interest rate of 15% per annum. VXL Instruments experienced financial difficulties and was unable to repay the outstanding amount, including interest. Kapishvar Silicates issued a notice on 28 May 2024, recalling the
…Kapishvar Silicates Pvt. Ltd. (Financial Creditor) and VXL Instruments Ltd. (Corporate Debtor) entered into an Inter-Corporate Deposit Agreement dated 03 April 2024, where Kapishvar Silicates agreed to provide an inter-corporate deposit of Rs. 1,50,00,000/- to VXL Instruments at an interest rate of 15% per annum compounded monthly. The agreement stipulated that interest payments were to commence from 30 April 2024. Kapishvar Silicates disbursed Rs. 1,45,00,000/- to VXL Instruments. VXL Instruments defaulted on the interest payment due on 05 May 2024, amounting to Rs. 1,72,131/- for the month of April 2024. Kapishvar Silicates sent a letter dated 28 May 2024, recalling the interest due. VXL Instruments acknowledged the debt in a reply dated 05 June 2024, citing
…Kapishvar Silicates and…
Interest payme…